There is a thing called VID. Basically, your motherboard knows that your CPU needs 0.8 vCore for 1.6 Ghz, 1 for 2.4 Ghz; 1.15 for 3.5 Ghz (some examples, don't really remember the stock options for Haswell). That is what Intel has hardcoded as a VID and the motherboard reads it and applies the voltage.
If you apply an offset - that means you are changing the behavior of the voltage application. So if you have offset of +0.3 that means the motherboard will take the VID and a do a simple math - VID + Offset + Additional Turbo boost Voltage Load Line Calibration level = final vCore.
In my 2700k OC I have an offset of -0.135 and additional turbo voltage at +0.065. So when I am running at 3.5 GHz (no Turbo) I get:
vCore = VID + Offset +...